GMA Network rejects buy-in offer from Pacquiao, Singson

Offers to buy into GMA Network Inc. from Filipino boxing champ and Sarangani Rep. Emmanuel "Manny" Pacquiao and former Ilocos Sur Governor Luis "Chavit" Singson were rejected by the company, Chairman and CEO Felipe L. Gozon said late Wednesday.

Gozon clarified that the interest in the company were from new and former buyers.

"GMA's present suitors include new and former prospective buyers," he said.

This development comes on the heels of failed negotiations with potential buyers which includes San Miguel Corp. President Ramon S. Ang.

"We remain focused on growing the business," Gozon said, noting that the company expects to end the year with more than 100-percent increase in net income.

"We are also expecting better revenues from political ads versus 2010, considering that rates are higher this year and considering also our current lead in NUTAM (Nationwide Urban Television Audience Measurement) ratings," he said.

"We have exceeded all our targets as of December 9, 2015," he added.

GMA Network maintained its strong financial performance during the third quarter of the year, on the back of sustained airtime income and other revenue streams.

Net income rose by more than 67 percent to P706 million from P422 million a year earlier, bringing the nine-month bottom line up 80 percent to P1.804 billion from P1.001 billion.

"Our company is in strong financial position as we continue to dominate the nationwide ratings. We expect to sustain this growth and eventually finish the year on a solid note in terms of our revenues and ratings," Gozon told reporters in November.

GMA Network earlier said it is optimistic in breaching the P2 billion mark this year after beating its original profit guidance of P1.5 billion in the third quarter.

Gozon noted that GMA will focus on its digitization efforts for 2016, with a capex exceeding that of 2015. – Jon Viktor Cabuenas/VS, GMA News